Since the massive Target data security breach in December 2013, third party cyber security stopped being an afterthought and started becoming one of the top security priorities for CISOs and Risk Departments. As a response, third party risk management (TPRM) underwent a transformation in early 2014, and continues to reverberate today.
With attackers finding new ways to break into third parties in hopes of infecting a larger organization, the third party ecosystem is more susceptible than ever before. Meanwhile third party usage is growing fast in large organizations and enterprises. Many critical business services such as HR functions, data storage, and modes of communication are the responsibility of cloud-based third parties.
Without a modern TPRM program, many of these third parties are left behind in security risk management, putting organizations in a vulnerable position.
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